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XRP Price Soars 17%, Here’s the Next Level
XRP News Today: Ripple’s native cryptocurrency has seen a weekly gain of over 18%, breaking above the major resistance of $0.5. Notably, this strong rally has sparked discussions about the potential reasons behind the recent surge. Furthermore, the crypto community, including pro-XRP advocate Bill Morgan, has also reacted to the price surge of over 12% today.
So, let’s take a look at the possible reasons behind the recent XRP price surge today and see where it will head next.
XRP News Today: Why Is The Price Going Up Today?
Ripple CEO Sparks Buzz About XRP ETF
The recent buzz about XRP ETFs has taken the community by storm. For context, CME Exchange recently announced the introduction of new benchmark rates and real-time indices for the cryptocurrency. This has fueled speculation about a potential ETF launch.
Additionally, Ripple CEO Brad Garlinghouse praised the development, calling it the “first step toward institutional crypto products.” In addition to the recent buzz in the ETF market, with the US Spot Ethereum ETF set to launch next week, the market is keeping an eye on a potential ETF for Ripple’s native cryptocurrency.
Speculations on Ripple vs. SEC lawsuit
The Ripple Vs. SEC lawsuit has also gained significant traction in the market. The latest XRP news today has sparked speculation in the market, as United States SEC announced a “closed to the public” meeting on July 18.
According to the XRP community, the meeting could be focused on a potential settlement in Ripple’s ongoing legal battle. Additionally, the SEC has dropped its investigation into several crypto projects such as Paxos, Hiro, and others, fueling market optimism recently.
This could also have strengthened the community’s confidence in the XRP price.
Read also: Coinbase Pushes to Sue Gary Gensler Despite Recent Setback
One Year After the “XRP Is Not a Security” Ruling
July 13th marks an important date for Ripple, as highlighted by the company’s executive in recent posts X. For context, on July 13, 2023, Judge Analisa Torres ruled that XRP is not a security, which created a stir in the broader cryptocurrency market.
Several Ripple executives, including Ripple CLO Stuart Alderoty and CEO Brad Garlinghouse, have recently expressed optimism as they celebrate the historic event. In a recent post on X, Garlinghouse said:
“July 13, 2023: That day was a very beautiful day, for Ripple and for the entire industry. And for me personally, a fundamental memory!”
This optimism Ripple Lawsuit Against SEC may have contributed to the cryptocurrency’s gains today, causing its price to rise by more than 12% in the last 24 hours.
What will be the future of XRP price?
Recent optimism suggests a further rally in XRP price. According to a recent price analysis by CoinGape Media, Exchange rate risk It has the potential to reach $5 in the bull market of 2024 or early 2025.
Meanwhile, the recent surge has not gone unnoticed by pro-XRP advocate Bill Morgan, who has previously spoken out in favor of buy-the-dip. In a previous post about X, he said he has been adding more coins to his portfolio since the price dropped to $0.4 earlier this month. He also said he would buy more if the price dropped further.
However, sharing the current price chart on X today, he expressed satisfaction with his previous decision, saying he was “happy”. At the time of writing, the XRP Price rose by more than 12% and surpassed the $0.51 level. Over the past seven days, the price has increased by about 18%.
According to CoinGlass data, XRP Futures open interest has surged over 24%, reflecting the bullish momentum hovering over the market. Additionally, the cryptocurrency’s trading volume has surged over 73% today in a 24-hour period to $2.02 billion.
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